GBP/JPY – 30M – SELLThe pair British Pound/Japanese Yen (GBP/JPY) jumps from the bearish trendline down.
A continuation of the downward movement down to the next support at is likely expected.
Caution: A possible trend reversal in the direction of resistance at 187.14800 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Besides a ‘Bearish Belt Hold’ candle pattern is existing. The chart forms ‘Bearish Belt Hold’. which is a bearish signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Belt Hold’ going down is 68% (Bull Market) & 69% (Bear Market).
Besides a ‘Double top chart pattern’ chart pattern is existing. The formation shows ‘Double top chart pattern’. which is a negative pattern signal. The currency pair is likely to go down.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 188.94100 |
| 2nd High | 188.74900 |
| Next High | 187.14800 |
| Current Price | 184.99400 |
| Next Low | |
| 2nd Low | |
| 3rd Low |
187.14800 – 188.74900 – 188.94100 – 185.70900 – 187.24100 – 187.88300
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Belt Hold